Homework Answers
ANS:
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited. hence
A) debit retained earnings; credit insurance expenses
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What is the entry to close the appropriate insurance account at the end of the accounting...
What is the proper adjusting entry at December 31, the end of the accounting period, if...
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,750 before adjustment, and the unexpired amount per analysis of policies is, $3.750? Multiple Choice Debit Insurance Expense, $3,750, credit Prepaid Insurance, $3,750. O Debit Prepaid Insurance, $5,000; credit Insurance Expense. $5,000 O Debit Insurance Expense, $5,000; credit Prepaid Insurance, $5,000. Debit Insurance Expense, $8,750; credit Prepaid Insurance, $8,750. O Debit Cash $8,750 Credit Prepaid Insurance,...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Grouper...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2022, for Grouper Corp. is provided
below.
Debit
Credit
Accounts Receivable
$84,220
Dividends
30,510
Depreciation Expense
15,310
Equipment
246,850
Salaries and Wages Expense
105,680
Accounts Payable
$61,480
Accumulated Depreciation—Equipment
133,170
Unearned Rent Revenue
26,560
Service Revenue
213,210
Rent Revenue
7,190
Rent Expense
4,180
Retained Earnings
71,690
Supplies Expense
1,620
Prepare closing entries. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually....
Financial accounting The adjusting entry to record interest owed on obligations at the end of the...
Financial accounting
The adjusting entry to record interest owed on obligations at the end of the accounting period includes a debit to Click the answer you think is right. Interest Payable and credit to Interest Expense Interest Expense and credit to Interest Payable Interest Revenue and credit to Interest Receivable Interest Receivable and credit to Interest Revenue Interest Expense and credit to Notes Payable After the adjustments have been completed, the adjusted balance in the Interest Payable account represents Click...
Record the entry to close the dividends account. Record the entry to close the expense accounts...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
The entry to close the Laundry Service Revenue account includes a:
The entry to close the Laundry Service Revenue account includes a: O credit to Service Revenue for $7410. O debit to Income Summary for $7410. O debit to Service Revenue for $7410. O debit to Retained Earnings for $7410.The following information is from the Income Statement of the Coronado Laundry Service: Revenues Service Revenues $7410Expenses Salaries and wages expense $ 2790 Advertising expense 570 Rent expense 340 Supplies expense 230 Insurance expense 110 Total expenses 4040 Net income ...
Fill out chart for A: Record entry to close service revenue. B: Record entry to close...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Grouper...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Grouper Corp. is provided below. Debit Credit Accounts Receivable $82,760 Dividends 29,980 Depreciation Expense 15,050 Equipment 242,590 Salaries and Wages Expense 103,850 Accounts Payable $60,420 Accumulated Depreciation—Equipment 130,870 Unearned Rent Revenue 26,110 Service Revenue 209,530 Rent Revenue 7,070 Rent Expense 4,100 Retained Earnings 70,450 Supplies Expense 1,600 (a) Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit...
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. When the accounts of Crane Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $5,088, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,905, representing revenue...
The adjusted account balances of the Fitness Center at July 31 are as follows: Accounts Cash...
The adjusted account balances of the Fitness Center at July 31 are as follows: Accounts Cash Accounts Receivable Supplies Prepaid Insurance Buildings Accumulated depreciation-Buildings Accounts Payable Common Stock Retained Earnings Dividends Accounts Balances $16,000 15,000 4,000 8,000 300,000 120,000 19,000 90,000 105,000 15,000 Accounts Service Revenue Interest Revenue Depreciation Expense Insurance Expense Salaries and Wages Expense Supplies Expense Utilities Expense Accounts Balances $105,000 8,000 27,000 6,000 35,000 9,000 12,000 Prepare the end of the period closing entries for the Fitness...
What is the proper adjusting entry at December 31, the end of the accounting period, if the balance in the prepaid insurance account is $8,750 before adjustment, and the unexpired amount per analysis of policies is, $3.750? Multiple Choice Debit Insurance Expense, $3,750, credit Prepaid Insurance, $3,750. O Debit Prepaid Insurance, $5,000; credit Insurance Expense. $5,000 O Debit Insurance Expense, $5,000; credit Prepaid Insurance, $5,000. Debit Insurance Expense, $8,750; credit Prepaid Insurance, $8,750. O Debit Cash $8,750 Credit Prepaid Insurance,...
Selected year-end account balances from the adjusted trial
balance as of December 31, 2022, for Grouper Corp. is provided
below.
Debit
Credit
Accounts Receivable
$84,220
Dividends
30,510
Depreciation Expense
15,310
Equipment
246,850
Salaries and Wages Expense
105,680
Accounts Payable
$61,480
Accumulated Depreciation—Equipment
133,170
Unearned Rent Revenue
26,560
Service Revenue
213,210
Rent Revenue
7,190
Rent Expense
4,180
Retained Earnings
71,690
Supplies Expense
1,620
Prepare closing entries. (Credit account titles are
automatically indented when the amount is entered. Do not indent
manually....
Financial accounting
The adjusting entry to record interest owed on obligations at the end of the accounting period includes a debit to Click the answer you think is right. Interest Payable and credit to Interest Expense Interest Expense and credit to Interest Payable Interest Revenue and credit to Interest Receivable Interest Receivable and credit to Interest Revenue Interest Expense and credit to Notes Payable After the adjustments have been completed, the adjusted balance in the Interest Payable account represents Click...
Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
Fill out chart for A: Record entry to close service revenue.
B: Record entry to close expenses.
C:Record entry to close Dividends.
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club: Account Balances as of December 31, Year 2 Accounts receivable Accounts payable Salaries payable Cash Dividends Operating expense Prepaid rent Rent expense Retained earnings, Beginning Salaries expense Service revenue Supplies Supplies expense Common stock Unearned revenue Land $ 25,300...
Selected year-end account balances from the adjusted trial balance as of December 31, 2022, for Sarasota Corp. is provided below. Credit Debit $69,700 25,250 12,670 204,290 87,460 Accounts Receivable Dividends Depreciation Expense Equipment Salaries and Wages Expense Accounts Payable Accumulated Depreciation-Equipment Unearned Rent Revenue Service Revenue Rent Revenue Rent Expense Retained Earnings Supplies Expense $50,880 110,210 21,980 176,450 5,950 3,460 59,330 1,340 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually....
(b) The reversing entry for each item where appropriate. No. Account Titles and Explanation Debit Credit 1. When the accounts of Crane Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period. 1. The prepaid insurance account shows a debit of $5,088, representing the cost of a 2-year fire insurance policy dated August 1 of the current year. 2. On November 1, Rent Revenue was credited for $1,905, representing revenue...
The adjusted account balances of the Fitness Center at July 31 are as follows: Accounts Cash Accounts Receivable Supplies Prepaid Insurance Buildings Accumulated depreciation-Buildings Accounts Payable Common Stock Retained Earnings Dividends Accounts Balances $16,000 15,000 4,000 8,000 300,000 120,000 19,000 90,000 105,000 15,000 Accounts Service Revenue Interest Revenue Depreciation Expense Insurance Expense Salaries and Wages Expense Supplies Expense Utilities Expense Accounts Balances $105,000 8,000 27,000 6,000 35,000 9,000 12,000 Prepare the end of the period closing entries for the Fitness...
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